The Carr Report: Retirement planning mistakes you should avoid

When you think of retirement, you think of a life of ease and luxury, traveling the world, and having fun in the sun. That’s the retirement image we see in movies and magazines. Think about the people you know who are retired. Is that the life they’re living? For the vast majority of retirees, the answer is an emphatic no! Many retirees struggle or barely get by financially in retirement because they failed to avoid making one or more of these retirement planning mistakes. If you desire to live a fulfilling retirement, free of financial stress, a life of ease and luxury, traveling the world and having fun in the sun, here are some retirement planning mistakes you should avoid. Mistake 1: Not Saving Enough for Retirement Many people spend more time planning vacations than planning for retirement, leading to insufficient savings when they finally retire. To avoid this, start planning and saving as early as possible. By your mid-to-late 40s, work with a certified financial planner to ensure you’re on track. If you’re behind, consider working longer to save more or reducing living expenses to increase savings. Downsizing your home can also make a big difference. Start planning now...